CORONAVIRIS – Self-Employed Income Support (26\3\20)
The Chancellor has announced a scheme to support the self-employed.
The government will pay self-employed people, who have been adversely affected by the coronavirus, a taxable grant worth 80% of their average monthly profits over the last 3 years, up to £2,500 per month. If there are not three years available then they will look at what is available.
Open for at least 3 months across the UK, extended if necessary.
It’s only open to those with trading profits up to £50,000, who make a majority of their income from self-employment. To minimise fraud only those already in self-employment, who have a tax return for 2018/19 can apply.
BUT to make sure no one who needs it misses out on support, we have decided to allow anyone who missed the filing deadline in January, four weeks from today to submit their tax return. 95% of people who are majority self-employed will benefit from this scheme.
HMRC are working urgently, expect people to access it no later than the beginning of June. If eligible, HMRC will contact you with an online form, they pay the grant straight to your bank account.